This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results and outcomes may differ materially from those expressed in forward-looking statements. See Item 1A of Part I — “Risk Factors.” As used herein, “Amazon.com,” “we,” “our,” and similar terms include Amazon.com, Inc. and its subsidiaries, unless the context indicates otherwise. General We seek to be Earth’s most customer-centric company. We are guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. In each of our segments, we serve our primary customer sets, consisting of consumers, sellers, developers, enterprises, content creators, advertisers, and employees. We have organized our operations into three segments: North America, International, and Amazon Web Services (“AWS”). These segments reflect the way the Company evaluates its business performance and manages its operations. Information on our net sales is contained in Item 8 of Part II, “Financial Statements and Supplementary Data — Note 10 — Segment Information.” Consumers We serve consumers through our online and physical stores and focus on selection, price, and convenience. We design our stores to enable hundreds of millions of unique products to be sold by us and by third parties across dozens of product categories. Customers access our offerings through our websites, mobile apps, Alexa, devices, streaming, and physically visiting our stores. We also manufacture and sell electronic devices, including Kindle, Fire tablet, Fire TV, Echo, Ring, Blink, and eero, and we develop and produce media content. We seek to offer our customers low prices, fast and free delivery, easy-to-use functionality, and timely customer service. In addition, we offer subscription services such as Amazon Prime, a membership program that includes fast, free shipping on tens of millions of items, access to award-winning movies and series, live sports, and other benefits. We fulfill customer orders in a number of ways, including through: North America and International fulfillment networks that we operate; co-sourced and outsourced arrangements in certain countries; digital delivery; and through our physical stores. We operate customer service centers globally, which are supplemented by co-sourced arrangements. See Item 2 of Part I, “Properties.” Sellers We offer programs that enable sellers to grow their businesses, sell their products in our stores, and fulfill orders using our services. We are not the seller of record in these transactions. We earn fixed fees, a percentage of sales, per-unit activity fees, interest, or some combination thereof, for our seller programs. Developers and Enterprises We serve developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions, through AWS, which offers a broad set of on-demand technology services, including compute, storage, database, analytics, artificial intelligence and machine learning, and other services. Content Creators We offer programs that allow authors, independent publishers, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Advertisers We provide advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. 3
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Competition Our businesses encompass a large variety of product types, service offerings, and delivery channels. The worldwide marketplace in which we compete is evolving rapidly and intensely competitive, and we face a broad array of competitors from many different industry sectors around the world. Our current and potential competitors include: (1) physical, e-commerce, and omnichannel retailers, publishers, vendors, distributors, manufacturers, and producers of the products we offer and sell to consumers and businesses; (2) publishers, producers, and distributors of physical, digital, and interactive media of all types and all distribution channels; (3) web search engines, comparison shopping websites, social networks, web portals, virtual assistants, and other online and app-based means of discovering, using, or acquiring goods and services, either directly or in collaboration with other retailers, including through artificial intelligence; (4) companies that provide e-commerce services, including website development and hosting, omnichannel sales, inventory and supply chain management, advertising, fulfillment, customer service, and payment processing; (5) companies that provide fulfillment and logistics services for themselves or for third parties, whether online or offline; (6) companies that provide information technology services or products, including on-premises or cloud-based infrastructure, tools and services relating to artificial intelligence, and other services; (7) companies that design, manufacture, market, or sell consumer electronics, communications, and other electronic devices and services; (8) companies that sell grocery products online and in physical stores; (9) companies that provide advertising services, whether in digital or other formats; and (10) providers of virtual or in-person healthcare services. We believe that the principal competitive factors in our retail businesses include selection, price, and convenience, including fast and reliable fulfillment. Additional competitive factors for our seller and enterprise services include the quality, speed, and reliability of our services and tools, as well as customers’ ability and willingness to change business practices. Some of our current and potential competitors have greater resources, longer histories, more customers, greater brand recognition, and greater control over inputs critical to our various businesses. They may secure better terms from suppliers, adopt more aggressive pricing, pursue restrictive distribution agreements that restrict our access to supply, direct consumers to their own offerings instead of ours, lock-in potential customers with restrictive terms, and devote more resources to technology, infrastructure, fulfillment, and marketing. The internet and other technologies including artificial intelligence facilitate competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us. Each of our businesses is also subject to rapid change and the development of new business models and the entry of new and well-funded competitors. Other companies also may enter into business combinations or alliances that strengthen their competitive positions. Intellectual Property We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary technologies, and similar intellectual property as critical to our success, and we rely on trademark, copyright, and patent law, trade-secret protection, and confidentiality and/or license agreements with our employees, customers, partners, and others to protect our proprietary rights. We have registered, or applied for the registration of, a number of U.S. and international domain names, trademarks, service marks, and copyrights. Additionally, we have filed U.S. and international patent applications covering certain of our proprietary technology. Seasonality Our business is affected by seasonality, which historically has resulted in higher sales volume during our fourth quarter, which ends December 31. Human Capital Our employees are critical to our mission of being Earth’s most customer-centric company. As of December 31, 2025, we employed approximately 1,576,000 full-time and part-time employees. Additionally, we use independent contractors and temporary personnel to supplement our workforce. Competition for qualified personnel is intense, particularly for software engineers, computer scientists, and other technical staff (including for artificial intelligence and machine learning technologies), and constrained labor markets have increased competition for personnel across other parts of our business. We strive to be Earth’s best employer. We rely on numerous and evolving initiatives to implement this objective and invent mechanisms for talent development, including competitive pay and benefits, flexible work arrangements, and skills training and educational programs such as Amazon Career Choice (education funding for eligible employees). Over 300,000 Amazon employees around the world have participated in Career Choice. We also continue to inspect and refine the mechanisms we use to hire, develop, evaluate, and retain our employees. In addition, safety is integral to everything we do at Amazon and we continue to invest in safety improvements such as capital improvements, new safety technology, vehicle safety controls, and engineering ergonomic solutions. Our safety team is dedicated to using the science of safety to solve complex problems and establish new industry best practices. We also provide mentorship and support resources to our employees, and have deployed numerous programs that advance employee engagement, communication, and feedback. 4
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Available Information Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the Securities and Exchange Commission (“SEC”), corporate governance information (including our Code of Business Conduct and Ethics), and select press releases. Executive Officers and Directors The following tables set forth certain information regarding our Executive Officers and Directors as of January 28, 2026: Information About Our Executive Officers
Name
Name / Name / Age / Age / Age / Position / Position / Position
Jeffrey P. Bezos ........................ Jeffrey P. Bezos / Jeffrey P. Bezos / 62 / 62 / 62 / Executive Chair / Executive Chair / Executive Chair
Andrew R. Jassy ......................... Andrew R. Jassy / Andrew R. Jassy / 58 / 58 / 58 / President and Chief Executive Officer / President and Chief Executive Officer / President and Chief Executive Officer
Matthew S. Garman ....................... Matthew S. Garman / Matthew S. Garman / 49 / 49 / 49 / CEO Amazon Web Services / CEO Amazon Web Services / CEO Amazon Web Services
Douglas J. Herrington ................... Douglas J. Herrington / Douglas J. Herrington / 59 / 59 / 59 / CEO Worldwide Amazon Stores / CEO Worldwide Amazon Stores / CEO Worldwide Amazon Stores
Brian T. Olsavsky ....................... Brian T. Olsavsky / Brian T. Olsavsky / 62 / 62 / 62 / Senior Vice President and Chief Financial Officer / Senior Vice President and Chief Financial Officer / Senior Vice President and Chief Financial Officer
Shelley L. Reynolds ..................... Shelley L. Reynolds / Shelley L. Reynolds / 61 / 61 / 61 / Vice President, Worldwide Controller, and Principal Accounting Officer / Vice President, Worldwide Controller, and Principal Accounting Officer / Vice President, Worldwide Controller, and Principal Accounting Officer
David A. Zapolsky ....................... David A. Zapolsky / David A. Zapolsky / 62 / 62 / 62 / Senior Vice President, Chief Global Affairs & Legal Officer / Senior Vice President, Chief Global Affairs & Legal Officer / Senior Vice President, Chief Global Affairs & Legal Officer
Jeffrey P. Bezos. Mr. Bezos founded Amazon.com in 1994 and has served as Executive Chair since July 2021. He has served as Chair of the Board since 1994 and served as Chief Executive Officer from May 1996 until July 2021, and as President from 1994 until June 1999 and again from October 2000 to July 2021. Andrew R. Jassy. Mr. Jassy has served as President and Chief Executive Officer since July 2021, CEO Amazon Web Services from April 2016 until July 2021, and Senior Vice President, Amazon Web Services, from April 2006 until April 2016. Matthew S. Garman. Mr. Garman has served as CEO Amazon Web Services since June 2024, Senior Vice President, Amazon Web Services from February 2021 until June 2024, Vice President, Marketing, Sales and Support of Amazon Web Services from January 2020 to February 2021, Vice President, AWS Compute Services from September 2018 to January 2020, and Vice President, EC2 from December 2012 to September 2018. Douglas J. Herrington. Mr. Herrington has served as CEO Worldwide Amazon Stores since July 2022, Senior Vice President, North America Consumer from January 2015 to July 2022, Senior Vice President, Consumables from May 2014 to December 2014, and Vice President, Consumables from May 2005 to April 2014. Brian T. Olsavsky. Mr. Olsavsky has served as Senior Vice President and Chief Financial Officer since June 2015, Vice President, Finance for the Global Consumer Business from December 2011 to June 2015, and numerous financial leadership roles across Amazon with global responsibility since April 2002. Shelley L. Reynolds. Ms. Reynolds has served as Vice President, Worldwide Controller, and Principal Accounting Officer since April 2007. David A. Zapolsky. Mr. Zapolsky has served as Senior Vice President, Chief Global Affairs & Legal Officer since February 2025. He served as our Senior Vice President, Global Public Policy and General Counsel from May 2023 to February 2025, Secretary from September 2012 to January 2024, Senior Vice President and General Counsel from May 2014 to May 2023, Vice President and General Counsel from September 2012 to May 2014, and as Vice President and Associate General Counsel for Litigation and Regulatory matters from April 2002 until September 2012. 5
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Board of Directors
Name
Name / Name / Age / Age / Age / Position / Position / Position
Jeffrey P. Bezos ........................ Jeffrey P. Bezos / Jeffrey P. Bezos / 62 / 62 / 62 / Executive Chair / Executive Chair / Executive Chair
Andrew R. Jassy ......................... Andrew R. Jassy / Andrew R. Jassy / 58 / 58 / 58 / President and Chief Executive Officer / President and Chief Executive Officer / President and Chief Executive Officer
Keith B. Alexander ...................... Keith B. Alexander / Keith B. Alexander / 74 / 74 / 74 / Former Chair and CEO of IronNet, Inc. / Former Chair and CEO of IronNet, Inc. / Former Chair and CEO of IronNet, Inc.
Edith W. Cooper ......................... Edith W. Cooper / Edith W. Cooper / 64 / 64 / 64 / Former Executive Vice President, Goldman Sachs Group, Inc. / Former Executive Vice President, Goldman Sachs Group, Inc. / Former Executive Vice President, Goldman Sachs Group, Inc.
Jamie S. Gorelick ....................... Jamie S. Gorelick / Jamie S. Gorelick / 75 / 75 / 75 / Senior Counsel, Wilmer Cutler Pickering Hale and Dorr LLP / Senior Counsel, Wilmer Cutler Pickering Hale and Dorr LLP / Senior Counsel, Wilmer Cutler Pickering Hale and Dorr LLP
Daniel P. Huttenlocher .................. Daniel P. Huttenlocher / Daniel P. Huttenlocher / 67 / 67 / 67 / Dean, MIT Schwarzman College of Computing / Dean, MIT Schwarzman College of Computing / Dean, MIT Schwarzman College of Computing
Andrew Y. Ng ............................ Andrew Y. Ng / Andrew Y. Ng / 49 / 49 / 49 / Managing General Partner, AI Fund, L.P. / Managing General Partner, AI Fund, L.P. / Managing General Partner, AI Fund, L.P.
Indra K. Nooyi .......................... Indra K. Nooyi / Indra K. Nooyi / 70 / 70 / 70 / Former Chair and CEO, PepsiCo, Inc. / Former Chair and CEO, PepsiCo, Inc. / Former Chair and CEO, PepsiCo, Inc.
Jonathan J. Rubinstein .................. Jonathan J. Rubinstein / Jonathan J. Rubinstein / 69 / 69 / 69 / Former co-CEO, Bridgewater Associates, LP / Former co-CEO, Bridgewater Associates, LP / Former co-CEO, Bridgewater Associates, LP
Brad D. Smith ........................... Brad D. Smith / Brad D. Smith / 61 / 61 / 61 / President, Marshall University / President, Marshall University / President, Marshall University
Patricia Q. Stonesifer .................. Patricia Q. Stonesifer / Patricia Q. Stonesifer / 69 / 69 / 69 / Former President and Chief Executive Officer, Martha’s Table / Former President and Chief Executive Officer, Martha’s Table / Former President and Chief Executive Officer, Martha’s Table
Wendell P. Weeks ........................ Wendell P. Weeks / Wendell P. Weeks / 66 / 66 / 66 / Chairman, CEO, and President, Corning Incorporated / Chairman, CEO, and President, Corning Incorporated / Chairman, CEO, and President, Corning Incorporated